Shares, peso drop

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Share prices ended lower Tuesday as continued risk-aversion hit the market.

The Philippine Stock Exchange index (PSEi) was down 51.21 points to 7,309.94, a 0.7 percent drop.

The broader all shares index was down 32.74 points to 3,860.20, a 0.84 percent drop.

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Losers edged gainers 106 t0 75 with 56 stocks unchanged. Trading turnover reached P8.03 billion.

The peso closed at 51.382 to the dollar, down from 51.37 on Monday.

The currency opened at 51.36 and hit a high of 51.33 and a low of 51.42. Trading turnover reached $560.28 million.

Luis Limlingan, managing director at Regina Capital and Development Corp., said investors opted to take profit as they continuously assessed the geopolitical tensions between Russia and Ukraine.

“Equity markets remain hypersensitive to the developments over the Russian/Ukraine situation,” he said.

Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors are also digesting the hawkish outlook of the Federal Reserve for the year.

Most actively traded Converge ICT Holdings Inc. was down P1.60 to P25.50. Globe Telecom Inc. was down P64 to P2,720. Solar Power Nueva Ecija Corp. was down P0.10 to P2.09. SM Prime Holdings Inc. was down P1.50 to P36.50. PLDT Inc. was down P68 to P1,752. BDO Unibank Inc. was down P2.40 to P135.90. Bank of the Philippine Islands was down P1 to P99. Bloomberry Resorts Corp. was up P0.12 to P6.21. SM Investments Corp. was steady at P940. AC Energy Corp. was down P0.40 to P8.20.

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